I agree, a line of credit is not a bad thing, but the question is this, with their past history of not being able to pay back accrued interest much less principal is there a bank willing to give this company a line of credit? That's the point. If you recall the shares for debt transaction was specifically because the company could not pay the interest. As per the proxy published. They also are not paying the interest on the preferred shares now at 108,000 dollars and rising daily. As a Banker with this history, continuing to burn through cash, one segment of their business plan decreasing rapidly, laying off employees attempting to save 500,000, would you be willing to gamble 250K?? Banks won't take shares as repayment.
And you said a company that is "credit worthy", what happens if they can't get the line of credit, what does that say....., and as you said a credit worthy company should have a line of credit....why don't they already, would have been much easier when Mr Lenfest was backing as opposed to now......
Unfortunately the next report will be the annual report 90 days after the quarter ends, but an 8K or PR at a minimum should be published if established.
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